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China’s Exchanges Plan to Double ETFs After Equities Rout
March 3, 2011-- China’s stock exchanges plan to more than double the number of exchange-traded funds they offer in 2011, aiming to spur investor interest in the world’s worst- performing major equities market last year.
The Shanghai Stock Exchange is proposing as many as 20 ETFs this year, Tang Xian, the bourse’s assistant director of product development, said in an interview at a conference in the city yesterday. The Shenzhen Stock Exchange plans to list about eight ETFs, said Fan Yue, head of fund supervision. Shanghai currency has 17 ETFs and Shenzhen five, according to the officials.
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Source: Bloomberg
FTSE China Index Series Quarterly Review - 3 Additions To The FTSE China A50 Index - 2 Additions To The FTSE China 25 Index
March 1, 2011--FTSE Group (“FTSE”), the award winning global index provider, announces the results of the FTSE China Index Series quarterly review approved by the FTSE Asia Pacific Index Advisory Committee today.
FTSE China indices (previously FTSE Xinhua indices) are widely regarded as a leading measure of the China equities market by domestic and international investors. Nearly 60% of assets under management in China Exchange Traded Funds (ETFs) issued globally, track a FTSE China index. The most widely followed indices are the FTSE China A50 Index and the FTSE China 25 Index which are used as the basis of the world’s largest China themed ETFs.
The FTSE China A50 Index represents the 50 largest A-Share companies in China and is tracked by both domestic investors and internationally through a range of QFII investment portfolios.
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Source: FTSE
India to delay overhaul of accounting rules
March 1, 2011--India is set to delay by one year an overhaul of its accounting rules, after the government failed to issue the new standards – designed to deepen its ties with the world economy – early enough for domestic companies to implement them.
A senior government official told the Financial Times on Tuesday that it would not start obliging companies to follow the new accounting norms by the April 1 phased deadline that it had previously envisaged.
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Source: FT.com
Cross-border renminbi trade flourishes
March 1, 2011--Bank of China, the country’s fourth-largest lender by assets, has said it expects to see continued exponential growth in cross-border renminbi trade settlement as more companies in China and around the world choose to pay and be paid in the Chinese currency.
Total cross-border renminbi settlement last year hit Rmb510bn ($77.6bn) after the central bank expanded a pilot project allowing Chinese and foreign companies to settle trade transactions in renminbi. BoC’s branches across mainland China handled Rmb160bn, or 28 per cent of all the cross-border trade settled in renminbi last year, making it the market leader in the promising new business.
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Source: FT.com
China’s Treasury holdings ‘underestimated’
March 1, 2011--China’s holdings of US government bonds are even higher than this week’s dramatic upward revision by the Treasury Department, say strategists.
On Monday, the Treasury released its annual revision of US Treasury securities held by foreign investors, which sent China’s holdings to $1,160bn at the end of December from a prior estimate of $892bn made just two weeks ago.
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Source: FT.com
India says shaky global recovery could hit growth
March 1, 2011-- India's finance minister warned Tuesday the country should not be complacent about its growth prospects in the face of a fragile global recovery and domestic challenges such as high inflation.
Pranab Mukherjee's comments came a day after he presented a populist budget in which he forecast Asia's third-largest economy could grow by nine percent in the financial year starting April 1.
Mukherjee told a business audience India's economy had proved "remarkably resilient to external shocks" but warned against complacency. Domestic inflation was "unacceptably high", he conceded.
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Source: EUbusiness
ANMI and ICMA sign agreement to co-operate on capital market development
ANMI and ICMA sign agreement to co-operate on capital market development.
The two trade associations have signed an agreement in India strengthening their commitment to collaboration on the development of best practice standards for capital markets.
February 28, 2011--The Association of National Exchanges Members of India (ANMI) and the
International Capital Market Association (ICMA) have today signed a Memorandum of Understanding which will strengthen their relationship and enable sharing of expertise and
information between the two organisations as they seek to raise standards of market practice in the international and Indian capital markets respectively.
The two associations share common interests and will cooperate by a bilateral exchange of skills and experience in securities regulation, market infrastructure, and professional training for market participants.
At the signing of the MoU which took place at ANMI’s offices in Mumbai the President of ANMI said:
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Source: ICMA
China plans sweeping economic change in Five-Year Plan
February 28, 2011--China’s leadership is promising to steer the economy in a new direction in its blueprint for the next five years that would empower consumers and narrow a yawning wealth gap but require politically contentious reforms.
The latest Five-Year Plan -- a throwback to central planning but a useful roadmap of party goals -- calls for creating self-sustaining growth based on domestic consumption and reducing China’s reliance on exports and investment. That will require a cut in subsidies to state industries and curbs on local development plans that could provoke a backlash among some in the ruling Communist Party.
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Source: Todays Zaman
India’s Iron Ore Duty to Quadruple
February 28, 2011--India, the world’s third-largest exporter of iron ore, is to quadruple export duties on the commodity in a move that could push up prices from near-record levels.
Pranab Mukherjee, finance minister, announcing the rise in a national budget on Monday, said iron ore was a “natural resource which needs to be conserved”.
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Source: FT.com
New Asian Hedge Funds Raise $3.8 bln in 2010
February 25, 2011--Assets raised by new hedge funds in Asia surged nearly 50 percent to $3.84 billion in 2010 from a year earlier, yet another sign that investor interest in regional funds has been on the mend since a tough 2008.
The number of fund launches increased to 95 last year from 78 in 2009 while the average launch size rose to $40 million from $33 million, according to a survey by AsiaHedge. "Despite a slightly lacklustre second half, new Asian hedge fund launches continued to see sustained interest," said AsiaHedge editor Aradhna Dayal in Hong Kong. "Anecdotal evidence suggests that U.S. allocators were probably the largest contributors to start-up capital last year."
Source: Reuters
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